In an effort to protect Arkansas students from financial hardship and loss due to the unexpected closure of an institution certified by the Arkansas Higher Education Coordinating Board, nonpublic, not-for-profit, for-profit, and out-of-state postsecondary institutions certified to offer college-level courses/degree programs in Arkansas will be required to:

1. (1) Maintain a surety bond during operations in Arkansas;
2. (2) Maintain a minimum federal financial responsibility composite score of 1.5; or
3. (3) Provide a letter from an official of the appropriate state government entity acknowledging state authority and funding of the institution.